Ripple, the financial technology firm, is expanding its regulatory licenses in the United States by acquiring Fortress Trust, as per the announcement on September 8th.
Fortress Trust specializes in providing regulatory and technology infrastructure for blockchain organizations and possesses a Nevada Trust license for asset custody, supplementing Ripple’s existing portfolio of more than 30 licenses nationwide as a money transmitter, including the requisite BitLicense for New York operations.
Monica Long, Ripple’s President, emphasized the significance of licenses as a means to enhance customer experiences for enterprises and stated that the technology and licensing acquired from Fortress Trust aligns with Ripple’s business and product roadmap.
Ripple initially invested in Fortress Trust in 2022 through a seed round, though specific financial details of the recent transaction remain undisclosed.
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Brad Garlinghouse, Ripple’s CEO, expressed confidence in Fortress Trust’s vision and technology, noting their impressive growth since their 2021 launch and their diverse customer base, encompassing both crypto-native and newcomers to the crypto industry.
Amidst the crypto market’s bearish conditions, Ripple has been actively pursuing strategic deals.
In May, they announced the $250 million acquisition of Metaco, a Swiss digital asset custodian and tokenization provider.
Earlier in the year, a Ripple executive had forecasted a surge in crypto-related acquisitions in 2023, aimed at filling capability gaps in the industry.
Ripple’s plans extend beyond just acquiring Fortress Trust; they intend to invest in Fortress Trust’s parent company, Fortress Blockchain Technologies, and its affiliated entity, FortressPay services.
Ripple’s global presence spans more than 55 countries, offering blockchain-based payout services, showcasing their commitment to expanding their footprint in the blockchain and fintech space.
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